In my case you indirectly solved the issue as you helped me open my eyes, thank you!!
The Office update didn't fix the problem, it was solved modifying the "Path=" environment variable. In my case one of the paths didn't exist anymore and removing it from the environment variable fixed the problem even without rebooting. Bear also in mind that there are 2 Path environment variables: Path (system one) and PATH (current user one) which is concatenated at the end of the Path before the processes use it. This is how I did it: